NEW YORK, N.Y.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 5,000-square foot mixed-use building (above photo) at 41 East 41st St. between Park and Madison avenues in Manhattan. The sales price of $4
,225,000 represents $845 per square foot.Peter Von Der Ahe, (top right photo) an associate vice president investments in the Manhattan office of Marcus & Millichap, and Scott Edelstein, (top left photo) an investment specialist also in the firm’s Manhattan office, represented the seller, Twin 41 Realty LLC, and the buyer, 41 East 41st Street Holding LLC.
“This mixed-use asset is located in the heart of Midtown Manhattan, steps from Grand Central Station and a block from Bryant Park,” says Von Der Ahe. “Through rent growth or conversion to office space, this property is expected to appreciate rapidly in value, presenting excellent upside potential to the new owner. Because of its prime East Side location, this asset can be converted to a variety of uses, including office, consulate/government or retail space.
Located at 41 East 41 St., the five-story building consists of three large multi-family units and two commercial units. The property is situated on a 20-foot by 52-foot lot.
“Supply and demand trends in Midtown have remained positive despite the recent downturn impacting the rest of the country, and this asset’s proximity to the United Nations complex makes it perfectly suited for use as a small embassy or other diplomatic building. Just a block from the Fifth Avenue retail corridor, this property could also be repositioned as a flags
hip retail location,” Von Der Ahe adds.
hip retail location,” Von Der Ahe adds.
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